In: Accounting
Discussion Question 1-42 (Algorithmic) (LO. 5)
Isabella files her income tax return 90 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $154,000, which is the balance of the tax she owes.
Note: Assume 30 days in a month.
Disregarding the interest element, enter Isabella's penalty amount for each, failure to file and failure to pay.
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